Top tips for budding entrepreneurs
Starting a business is hard, anyone will tell you that, but what makes some businesses successful and some not even able to get past the first hurdle? If I had a pound for every time I have been asked what advice I have for new business owners, I would be an extremely rich woman! I struggle with this question as there are so many variables and every business is different, so I have come up with some generic tips below that I hope will help all you budding entrepreneurs out there.
Try to build a business around something you love
You will spend more time building your business than you will doing anything else in your life, the hours are long, the money is scarce, so it’s really important that you are passionate about what you do
Have some additional income:
Whether you stay in employment, work part time or save really hard, making a profit will take time in any new business. You want to devote all the spare time you have to building your business, you do not want the added stresses of not knowing how you are going to meet your outgoings.
There is no I in team:
No one builds a business alone. You NEED a support system in place to get you through those tough days. Having someone who will listen to you is invaluable, having someone to go to for help and advice can be the difference between success and failure. Whatever your support system looks like, make sure you identify it early and use all of the help, support and tools out there.
Do your research.
When starting a business, you need to become an expert in your industry, field, product or service. Without research you could spend valuable time and money on an idea that nobody actually wants or needs. You need to know everything you can about the market that you are looking to enter to give you the best possible chance of success.
Have a clear vision and write a business plan:
A business plan is something that you will definitely need. It helps you to follow through with your vision while providing a measurable structure to give your business structure. A business plan helps to secure funding (most banks etc… will not even consider you without one) it acts as blueprint for what your business will become and helps you keep on track, it guides your daily operations and it helps you to identify any obstacles that may occur.
I hope these tips have helped you out, especially if you are just thinking about or starting out. If you are, I wish you the best of luck.